Polen Capital

Q1 2022 13F · by Dan Davidowitz, portfolio manager

As of: Mar 31, 2022
Filed: May 12, 2022
US stock: $51.2B · prev $59.5B
Positions: 90 · prev 92
Options notional: $0
Documents: 1· no amendments

Picture99.9% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.1%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves93 since the prior filing

+5.6 pp in · −5.7 pp out

New 5 +0.04 pp
Added 37 +5.59 pp
Trimmed 44 −5.66 pp
Exited 7 −0.01 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions35% of US stock

AMZN Amazon.Com Inc trimmed+0.93 pp trimmed+0.939.2%
GOOG Alphabet Inc. Class C trimmed+0.31 pp trimmed+0.318.1%
ADBE Adobe Inc. added+0.75 pp added+0.755.9%
MSFT Microsoft Corp trimmed+0.15 pp trimmed+0.155.9%
META Meta Platforms, Inc. Class A added−0.18 pp added−0.185.7%

Positions90 in this filing · 7 exited


AMZNAmazon.Com Inc	9.18%	1,442,092	$4.7B	trimmed−2%	+0.93 pp	5 q
GOOGAlphabet Inc. Class C	8.06%	1,478,727	$4.1B	trimmed−7%	+0.31 pp	32 q
ADBEAdobe Inc.	5.93%	6,662,539	$3.0B	added+22%	+0.75 pp	29 q
MSFTMicrosoft Corp	5.89%	9,791,102	$3.0B	trimmed−4%	+0.15 pp	19 q
METAMeta Platforms, Inc. Class A	5.72%	13,165,612	$2.9B	added+26%	−0.18 pp	28 q
VVISA Inc.	5.63%	12,993,382	$2.9B	added+13%	+1.45 pp	36 q
MAMastercard Incorporated	5.54%	7,932,570	$2.8B	trimmed−1%	+0.70 pp	36 q
ABTAbbott Laboratories	5.18%	22,423,328	$2.7B	trimmed−1%	−0.15 pp	11 q
ABNBAirbnb, Inc. Class A	4.34%	12,953,525	$2.2B	added+31%	+1.56 pp	3 q
CRMSalesforce, Inc.	4.18%	10,078,023	$2.1B	trimmed−0%	−0.13 pp	10 q
ACNAccenture PLC	3.94%	5,988,665	$2.0B	trimmed−11%	−0.75 pp	36 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.75%	3,762,772	$1.9B	trimmed−3%	+0.48 pp	7 q
NFLXNetFlix Inc	3.66%	5,005,530	$1.9B	added+86%	+0.93 pp	5 q
ADSKAutodesk Inc	3.62%	8,650,112	$1.9B	added+19%	+0.18 pp	9 q
NOWServicenow, Inc.	3.50%	3,219,600	$1.8B	added+2%	+0.06 pp	10 q
PYPLPayPal Holdings, Inc.	2.92%	12,911,679	$1.5B	added+73%	+0.55 pp	13 q
ZTSZoetis Inc.	2.47%	6,706,372	$1.3B	trimmed−32%	−1.56 pp	18 q
NKENike, Inc.	2.18%	8,293,257	$1.1B	added+1%	−0.12 pp	36 q
ISRGIntuitive Surgical Inc.	2.10%	3,571,683	$1.1B	added+5%	+0.04 pp	7 q
ITGartner, Inc.	1.97%	3,397,198	$1.0B	trimmed−26%	−0.61 pp	36 q
ILMNIllumina Inc	1.79%	2,631,171	$919M	trimmed−1%	+0.09 pp	7 q
ALGNAlign Technology Inc	1.59%	1,871,737	$816M	added+5%	−0.37 pp	25 q
DOCUDocuSign, Inc.	1.16%	5,551,792	$595M	added+49%	+0.20 pp	2 q
GOOGLAlphabet Inc. Class A	0.97%	178,451	$496M	trimmed−70%	−1.91 pp	26 q
MSCIMSCI, Inc.	0.84%	856,456	$431M	trimmed−40%	−0.62 pp	11 q
ICLRIcon Plc	0.74%	1,557,050	$379M	trimmed−2%	−0.09 pp	20 q
AONAon plc Class A	0.63%	984,696	$321M	trimmed−6%	+0.10 pp	7 q
IWFiShares Russell 1000 Growth ETF	0.60%	1,112,613	$309M	added×4.6	+0.48 pp	34 q
MDTMedtronic plc	0.21%	949,789	$105M	trimmed−6%	+0.04 pp	18 q
SAPSap SE	0.20%	930,669	$103M	added+15%	+0.01 pp	19 q
SBUXStarbucks Corp	0.15%	849,854	$77M	trimmed−94%	−2.44 pp	36 q
ADPAutomatic Data Processing	0.11%	256,507	$58M	trimmed−6%	0.00 pp	35 q
MELIMercado Libre, Inc	0.10%	43,290	$51M	trimmed−4%	0.00 pp	4 q
ASMLASML Holding NV	0.10%	79,550	$53M	trimmed−2%	−0.01 pp	4 q
GLOBGlobant S.a.	0.08%	158,168	$41M	trimmed−11%	−0.01 pp	16 q
SHOPShopify Inc. Class A subordinate voting shares	0.07%	54,902	$37M	added×2.9	+0.03 pp	4 q
DAVAEndava plc	0.05%	173,533	$23M	added+12%	+0.01 pp	6 q
ACWXiShares MSCI ACWI ex US ETF	0.05%	528,305	$28M	trimmed−9%	0.00 pp	4 q
unresolvedUnilever Spn.Adr 1:1	0.05%	543,872	$25M	added+4%	0.00 pp	20 q
FOXFFox Factory Holding Corp.	0.04%	196,203	$19M	added+13%	−0.01 pp	19 q
PGNYProgyny, Inc.	0.04%	368,359	$19M	trimmed−5%	+0.01 pp	5 q
RVLVRevolve Group, Inc.	0.04%	410,877	$22M	added+7%	0.00 pp	9 q
YETIYETI Holdings, Inc.	0.04%	301,494	$18M	added+32%	+0.01 pp	9 q
AMNAMN Healthcare Services	0.03%	137,691	$14M	trimmed−6%	0.00 pp	18 q
APPFAppFolio, Inc. Class A	0.03%	120,919	$14M	trimmed−5%	0.00 pp	11 q
GSHDGoosehead Insurance, Inc. Class A	0.03%	216,022	$17M	added+18%	−0.01 pp	7 q
HLIHoulihan Lokey, Inc.	0.03%	174,617	$15M	trimmed−4%	0.00 pp	8 q
QLYSQualys, Inc.	0.03%	114,864	$16M	added+15%	+0.01 pp	8 q
TRUPTrupanion, Inc.	0.03%	198,273	$18M	trimmed−4%	−0.02 pp	4 q
WRBYWarby Parker Inc.	0.03%	437,794	$15M	added+35%	0.00 pp	2 q
ALRMAlarm.com Holdings, Inc.	0.02%	191,301	$13M	trimmed−4%	−0.01 pp	18 q
ALTRAltair Engineering Inc. Class A	0.02%	144,236	$9M	trimmed−6%	0.00 pp	13 q
BLBlackLine, Inc.	0.02%	154,697	$11M	trimmed−3%	−0.01 pp	8 q
unresolvedDuck Creek Technologies	0.02%	520,952	$12M	trimmed−4%	−0.01 pp	5 q
FTCHQFarfetch Limited A	0.02%	625,659	$9M	added×6.8	+0.01 pp	4 q
CATHGlobal X S&P 500 Catholic Values ETF	0.02%	143,837	$8M	trimmed−0%	+0.01 pp	3 q
OLOOlo Inc.	0.02%	744,672	$10M	added+6%	0.00 pp	3 q
CCXSkillsoft Corp.	0.02%	1,768,064	$11M	new	+0.02 pp	new
WINGWingstop Inc	0.02%	102,941	$12M	trimmed−34%	−0.03 pp	10 q
AZPNAspen Technology Inc	0.01%	25,392	$4M	added+17%	0.00 pp	6 q
CMRCCommerce.com, Inc. Series 1	0.01%	285,540	$6M	trimmed−6%	−0.01 pp	2 q
BMBLBumble Inc. Class A	0.01%	255,081	$7M	new	+0.01 pp	new
CPRTCopart Inc	0.01%	23,208	$3M	added+4%	0.00 pp	6 q
DTDynatrace, Inc.	0.01%	109,608	$5M	added+36%	0.00 pp	6 q
ETSYEtsy, Inc.	0.01%	35,976	$4M	added+34%	0.00 pp	9 q
FICOFair Isaac Corporation	0.01%	8,853	$4M	added+14%	0.00 pp	3 q
FNDFloor & Decor Holdings, Inc.	0.01%	35,201	$3M	added×7.5	+0.01 pp	2 q
HLNEHamilton Lane Incorporated Class A	0.01%	96,064	$7M	new	+0.01 pp	new
ACWIiShares MSCI ACWI ETF	0.01%	38,955	$4M	trimmed−52%	0.00 pp	4 q
MBUUMalibu Boats, Inc. Class A	0.01%	128,245	$7M	trimmed−6%	−0.01 pp	7 q
PAYCPaycom Software, Inc.	0.01%	15,457	$5M	added+30%	0.00 pp	4 q
PCTYPaylocity Holding Corporation	0.01%	30,690	$6M	trimmed−27%	−0.01 pp	9 q
RHRh	0.01%	12,081	$4M	added+17%	0.00 pp	3 q
TREXTrex Company, Inc.	0.01%	41,114	$3M	added+16%	0.00 pp	18 q
TYLTyler Technologies, Inc.	0.01%	5,939	$3M	trimmed−36%	0.00 pp	3 q
HELEHelen Of Troy Ltd	0.01%	30,498	$6M	trimmed−47%	−0.01 pp	9 q
BKNGBooking Holdings Inc.	0.00%	134	$315,000	held	—	3 q
DGDollar General Corp.	0.00%	2,863	$637,000	trimmed−31%	0.00 pp	3 q
EXPOExponent Inc	0.00%	4,486	$485,000	trimmed−98%	−0.04 pp	10 q
FIVEFive Below, Inc.	0.00%	15,972	$3M	new	0.00 pp	new
IWMiShares Russell 2000 ETF	0.00%	1,215	$249,000	new	0.00 pp	new
LUXELuxExperience B.V.	0.00%	62,029	$759,000	added+12%	0.00 pp	2 q
MEDPMedpace Holdings, Inc.	0.00%	4,555	$745,000	trimmed−96%	−0.04 pp	8 q
ORLYO'Reilly Automotive, Inc.	0.00%	1,035	$709,000	held	—	3 q
ORCLOracle Corp	0.00%	4,216	$349,000	held	—	3 q
REGNRegeneron Pharmaceuticals Inc	0.00%	1,383	$966,000	trimmed−29%	0.00 pp	3 q
TMETencent Music Entertainment Group	0.00%	190,639	$928,000	added+61%	0.00 pp	6 q
TTDThe Trade Desk, Inc.	0.00%	36,285	$3M	added+3%	−0.01 pp	4 q
TPLCTimothy Plan US Large/Mid Cap Core ETF	0.00%	31,492	$1M	trimmed−8%	0.00 pp	5 q
KAROKarooooo Ltd.	0.00%	41,184	$1M	held	—	4 q
CDWCDW Corporation	—	−19,742	—	exited	−0.01 pp	—
BABAAlibaba Group Holding Limited	—	−2,244	—	exited	0.00 pp	—
ATHMAutohome Inc.	—	−10,995	—	exited	0.00 pp	—
EPAMEpam Systems, Inc.	—	−3,378	—	exited	0.00 pp	—
TALTAL Education Group	—	−17,340	—	exited	0.00 pp	—
TPIFTimothy Plan International ETF	—	−12,139	—	exited	0.00 pp	—
NBISNebius Group N.V. Class A	—	−35,513	—	exited	0.00 pp	—